Editas Medicine (EDIT) Shares Up 11.7%

Editas Medicine Inc (NASDAQ:EDIT) shot up 11.7% during trading on Tuesday . The company traded as high as $34.81 and last traded at $34.32. 2,147,090 shares changed hands during trading, an increase of 124% from the average session volume of 956,945 shares. The stock had previously closed at $30.73.

A number of research firms have commented on EDIT. Barclays began coverage on Editas Medicine in a report on Wednesday, September 6th. They set an “overweight” rating and a $28.00 price target on the stock. Cowen reissued a “buy” rating on shares of Editas Medicine in a report on Tuesday, November 7th. BidaskClub cut Editas Medicine from a “buy” rating to a “hold” rating in a report on Thursday, December 7th. ValuEngine cut Editas Medicine from a “hold” rating to a “sell” rating in a report on Friday, December 1st. Finally, Zacks Investment Research cut Editas Medicine from a “buy” rating to a “hold” rating in a report on Monday, November 13th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $26.73.

The firm has a market capitalization of $1,512.82, a PE ratio of -10.29 and a beta of 4.94. The company has a debt-to-equity ratio of 0.19, a quick ratio of 10.12 and a current ratio of 10.12.

Editas Medicine (NASDAQ:EDIT) last issued its quarterly earnings data on Tuesday, November 7th. The company reported ($0.64) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.60) by ($0.04). The firm had revenue of $6.28 million for the quarter, compared to analysts’ expectations of $2.66 million. Editas Medicine had a negative net margin of 1,127.03% and a negative return on equity of 70.19%. The company’s revenue for the quarter was up 553.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.59) EPS. research analysts predict that Editas Medicine Inc will post -2.92 earnings per share for the current year.

In other news, CFO Andrew A. F. Hack sold 14,649 shares of the firm’s stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $24.68, for a total transaction of $361,537.32. Following the completion of the transaction, the chief financial officer now owns 5,000 shares in the company, valued at $123,400. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Andrew A. F. Hack sold 5,000 shares of the firm’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $25.35, for a total value of $126,750.00. Following the transaction, the chief financial officer now owns 5,000 shares of the company’s stock, valued at approximately $126,750. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,315 shares of company stock valued at $1,177,370. Company insiders own 19.40% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP purchased a new position in Editas Medicine in the third quarter worth about $667,000. Granahan Investment Management Inc. MA grew its position in Editas Medicine by 7.1% in the third quarter. Granahan Investment Management Inc. MA now owns 241,719 shares of the company’s stock worth $5,804,000 after acquiring an additional 15,999 shares in the last quarter. Allianz Asset Management GmbH purchased a new position in Editas Medicine in the third quarter worth about $3,263,000. Schwab Charles Investment Management Inc. grew its position in Editas Medicine by 18.6% in the third quarter. Schwab Charles Investment Management Inc. now owns 117,012 shares of the company’s stock worth $2,810,000 after acquiring an additional 18,366 shares in the last quarter. Finally, Greenwoods Asset Management Ltd grew its position in Editas Medicine by 156.3% in the third quarter. Greenwoods Asset Management Ltd now owns 182,000 shares of the company’s stock worth $4,370,000 after acquiring an additional 111,000 shares in the last quarter. Institutional investors own 65.70% of the company’s stock.

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About Editas Medicine

Editas Medicine, Inc is a genome editing company. It is engaged in treating patients with genetically defined diseases by correcting their disease-causing genes. It operates through developing and commercializing genome editing technology segment. It is developing a genome editing platform based on clustered, regularly interspaced short palindromic repeats (CRISPR) technology.

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